EMR - Emerson lifts higher after quarterly beat and raise
Emerson Electric (NYSE:EMR) +1% pre-market on Wednesday after reporting better than expected FQ2 adjusted earnings and raising its full-year guidance. Emerson also announces its decision to exit its Russia business, and is exploring strategic options to divest its Metran Russia-based manufacturing subsidiary. Q2 net profit rose to $674M, or $1.13/share, from $561M, or $0.93/share, in the year-earlier quarter; adjusted EBITA Margin improved 20 bps to 20.2%. Q2 operating cash flow fell 45% to $442M and free cash flow fell 53% to $333M, mostly due to higher inventory resulting from supply chain constraints. Q2 sales in the Automation Solutions segment rose 5% Y/Y to $2.93B, and the Commercial and Residential Solutions unit increased 13% to $1.85B. For the full year, Emerson (EMR) raised guidance for adjusted EPS to $4.95-$5.10 from $4.71-$4.86 previously, on 8%-10% higher revenues, "to reflect overall strong business performance while considering continued macroeconomic and geopolitical uncertainty, supply chain
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Emerson lifts higher after quarterly beat and raise